First Direct £125 to switch!

naismith84

hi all. last week I opened a cash transfer card to rid of my tsb overdraft and considering moving my account over (poss to first direct or Halifax) for either the cash back (FD) or interest rate (H). will this affect my application though? also, would I need to speak to tsb to switch over or do FD take control of this? it looks like it is not a good idea to switch immediately as there are 3 months to do this, to be safe. thanks

eskbanker

naismith84 wrote: »

also, would I need to speak to tsb to switch over or do FD take control of this?

The receiving bank (i.e. FD in this instance) takes care of it, see http://www.simplerworld.co.uk/Pages/How.aspx for details of the standard switching process....

naismith84

thanks eskbanker it mentions a £10 fee but is this only if you cant put £1k in each month?

dingdong3000

naismith84 wrote: »

thanks eskbanker it mentions a £10 fee but is this only if you cant put £1k in each month?

Open a Everyday e-Saver Account with £1 in it and you'll never have to worry about any monthly fee on the 1st Account.

naismith84

dingdong3000 wrote: »

Open a Everyday e-Saver Account with £1 in it and you'll never have to worry about any monthly fee on the 1st Account.

ok thanks is this account/reward only available if I switch? what I mean is, I am considering switching from tsb and opening a solo account for me and a joint with the GF. so I am considering FD or Halifax for me and then either one of those or Santander for the joint. thoughts pls? thanks again

YorkshireBoy

naismith84 wrote: »

is this account/reward only available if I switch?

Have you actually had a look at their website?...even just a cursory glance? Maybe that would be a good thing? But to answer your question directly, yes you need to SWITCH to get the £100/125 or whatever SWITCHING incentive they're paying. That's why they clearly describe it as a SWITCHING incentive.

I am considering switching from tsb


thoughts pls?

Why would you switch out of an account paying 5% AER? Maybe you don't have any savings?...because that's the only possible reason for doing so? If you do have savings with TSB, better to open a sacrificial account or accounts to switch to FD and wherever else?

naismith84

YorkshireBoy wrote: »

Have you actually had a look at their website?...even just a cursory glance? Maybe that would be a good thing? But to answer your question directly, yes you need to SWITCH to get the £100/125 or whatever SWITCHING incentive they're paying. That's why they clearly describe it as a SWITCHING incentive.Why would you switch out of an account paying 5% AER? Maybe you don't have any savings?...because that's the only possible reason for doing so? If you do have savings with TSB, better to open a sacrificial account or accounts to switch to FD and wherever else?

well thanks Yorkshireboy - everyone loves to be spoken to like a child. I have looked at the FD account and obviously saw the SWITCH but wanted to fully confirm. I am with TSB but not the classic plus as you presumed. BUT thanks for the heads up on that account as I will contact my bank for the upgrade.

robrymond

Can I check, I have a disused Lloyds TSB account which has no money or payments on it. Can I switch using this account to First Direct and then pay in £1000 a month from a different bank account to get the rewards?

Archi_Bald

It would be either a Lloyds account or a TSB account now but sure you can switch, subject to the T&Cs of the target bank.

If you apply today, you might still get the £125.

robrymond

Sorry Lloyds, but yes I've used the switching service now before the deadline is up today. I put £1 into the account so it can be transferred. As part of the switching process it asked if I have a debit card on the account, I can only find an old one so I clicked no. I don't recall receiving a new one but the account has been dormant for some time.